Former Trust Officers Sued: State banking regulators...

Former Trust Officers Sued: State banking regulators sued four former officers of First Independent Trust, a defunct Sacramento firm that was once California’s largest maker of government-guaranteed student loans. The lawsuit alleges that the officers were negligent and breached their fiduciary duty to the firm by failing to pay fees owed the federal government, failing to forward refunds of student loans to holders of the notes and paying $1.8 million for an office building worth much less. Defendants in the lawsuit are the firm’s former chairman, Deno Evangelista, and officers Jon D. Smock, O. Glen Bigelow and Michael J. Ocenosak.